Sinvest Receives LOI for Deep Driller 1

A subsidiary of Sinvest ASA and Premium Drilling have agreed to a Letter of Intent with a major operator for a drilling contract offshore South East Asia. The contract term will be for a period of eighteen months plus two optional periods of each six months.

The drilling contract will be performed by Premium Drilling with the unit Deep Driller 1.

The Deep Driller 1 is a Baker Marine 375 'Pacific Class' jackup drilling unit designed to work in up to 375 ft water depths and is currently being built at PPL Shipyard in Singapore. The Letter of Intent relates to the period following after the, now executed, contract with Hardy Exploration & Production (India) Inc.

The contract will commence in direct continuation after having completed the operations under the contract with Hardy and estimated gross proceeds for the initial term from operations under the new contract is around US $108 Million.

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